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On November 1, 2017, Salem Corporation sold land priced at $1,000,000 in exchange for a 6%, six-month note receivable. Salem's balance sheet at December 31,

On November 1, 2017, Salem Corporation sold land priced at $1,000,000 in exchange for a 6%, six-month note receivable. Salem's balance sheet at December 31, 2017 includes which of the following as a result of the sale of land on November 1? Multiple Choice Notes Receivable of $1,000,000 and Interest Receivable of $10,000. Notes Receivable of $1,030,000 and Interest Receivable of $10,000. Notes Receivable of $1,000,000 and Interest Receivable of $30,000. Notes Receivable of $1,000,000 only.

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